Bermuda - 50 Bermudian Dollars - P-61a - 2009 dated Foreign Paper Money

50 Dollars, P-61a. Security strip and hologram! Front and back shown. The Bermudian dollar (BMD) is the official currency of Bermuda, a British Overseas Territory. It is divided into 100 cents and has a fixed exchange rate, pegged at 1:1 with the United States dollar (USD). Both the Bermudian dollar and the U.S. dollar are accepted equally within Bermuda, but the Bermudian dollar is not typically traded outside of the territory.

For almost four centuries, Spanish dollars, commonly referred to as "pieces of eight," were extensively utilized along global trade routes, particularly in the Caribbean. However, the revolutionary wars in Latin America led to a significant decline in the availability of these silver trade coins. In 1821, the United Kingdom successfully implemented a gold standard, making 1825 a strategic year for the introduction of British sterling coinage across all British colonies. An imperial Order in Council was enacted that year to facilitate this transition by designating sterling coinage as legal tender in the colonies at a fixed exchange rate of 1 Spanish dollar to 4 shillings and 4 pence sterling. Since the sterling silver coins were linked to a gold standard, this exchange rate did not accurately reflect the value of the silver in the Spanish dollars in relation to the value of the gold in the British gold sovereign. Consequently, the order resulted in the unintended consequence of diminishing the circulation of sterling coinage in many colonies rather than promoting its adoption.